ORS 65.554: Authorized distributions.

Unless prohibited by the corporation’s articles of incorporation or bylaws:

      (1) A mutual benefit corporation may purchase the mutual benefit corporation’s memberships and, under the circumstances indicated in ORS 65.147 and 65.171, a public benefit corporation or religious corporation may purchase the public benefit corporation’s or religious corporation’s memberships, if after the purchase is completed:

      (a) The corporation would be able to pay the corporation’s debts as they become due in the usual course of the corporation’s activities; and

      (b) The corporation’s total assets would at least equal the sum of the corporation’s total liabilities.

      (2) A corporation may make distributions upon dissolution in conformity with ORS 65.621 to 65.674.

      (3) A corporation may make distributions to a member that is a religious corporation or public benefit corporation or to a foreign nonprofit corporation that, if incorporated in this state, would qualify as a religious corporation or public benefit corporation. [1989 c.1010 §129; 2019 c.174 §87]

DISSOLUTION

(Voluntary Dissolution)